Wind power buy for Innergex

Article Excerpt

INNERGEX RENEWABLE ENERGY $10.77 (Toronto symbol INE; Shares outstanding: 81.3 million; Market cap: $882.7 million; TSINetwork Rating: Extra Risk; Dividend yield 5.4%; www.innergex.com) is buying the 77-megawatt Wildmare wind project from Finavera Wind Energy for $22 million. The project is located in northeastern B.C. and is currently at an advanced stage of permitting. Innergex aims to start construction of a wind farm at Wildmare in late 2013, and plans to start generating power at the site in early 2015. The total cost to complete the project is estimated at $217 million. Once the project is fully operational, its power will be sold to BC Hydro under a 25-year contract. Innergex is a buy. buy…